Just wondering on the illustration.
The reg lists 3 types
1. basic - used for sale of policy
2. supplemental - supplement to basic
3. in force - after policy is in force for at least 1 yr
There's quite a bit of stuff on basic and supplemental illustrations, but I can't seem to find anything on illustrating in force policies. What does it mean to create an illustration on a policy (that's past the 1st policy year) that is NAIC compliant? Do I go with the basic illustration rules? If so then why even bother listing it as a separate category?
The reg lists 3 types
1. basic - used for sale of policy
2. supplemental - supplement to basic
3. in force - after policy is in force for at least 1 yr
There's quite a bit of stuff on basic and supplemental illustrations, but I can't seem to find anything on illustrating in force policies. What does it mean to create an illustration on a policy (that's past the 1st policy year) that is NAIC compliant? Do I go with the basic illustration rules? If so then why even bother listing it as a separate category?
NAIC Model Reg 582
